Entrepreneur

7 Smart Financial Steps to Take in 2016

Make 2016 your year to prosper.
Source: Shutterstock

Is this the year you want your financial picture to shine? We’ve got some good news: There are no tax increases looming, and the banking, housing and labor markets are solid. That means this is the perfect time to shore up your personal finances and prepare for the long haul.

Here are some steps you can implement when opportunity, cash flow, existing debt and mental fortitude allow. Barring a sudden global economic or personal meltdown, you could wake up next January with a satisfied smile on your face.

1. Lower your income; secure your future.

If you’re over 50, consider setting up a defined-benefit plan to reduce

You're reading a preview, sign up to read more.

More from Entrepreneur

Entrepreneur3 min read
She Was Rejected On Shark Tank. Then She Used That To Her Advantage.
Melissa Butler knew her line of brightly colored lipsticks would be a hit. So when the beauty industry ignored her, she kept moving forward.
Entrepreneur5 min read
Lacrosse Star Paul Rabil: I'm 'Risking Everything' to Change the Sport
Many have tried to launch a new sports league. Few have succeeded. But that hasn't discouraged the star, who's trying to revolutionize his sport by competing against the league he once played for.
Entrepreneur2 min read
6 Ways to Launch a Business
What's the best way to tell the world that your company exists and is open for business? Six entrepreneurs share their strategies and stories.